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Application provision

8.1 This Chapter applies only to the FSCS.

8.1

03/07/2015

This Chapter applies only to the FSCS.

8.2

03/07/2015

Subject to 5.2, the amount of compensation payable to the claimant in respect of a protected dormant account claim is the amount of his overall net claim against the dormant account fund operator at the compensation date.

Any reference in this Part to overall claim means "overall net claim".

8.3

03/07/2015

The FSCS must take into account any payments to the claimant (including amounts recovered by the FSCS on behalf of the claimant) made by the dormant account fund operator or the FSCS or any other person, if that payment is connected with the dormant account fund operator’s liability to the claimant in calculating the claimant's overall claim.

8.4

03/07/2015

The FSCS must calculate the amount of compensation due to the claimant as soon as reasonably possible after it is satisfied that the conditions in 4.2 have been met.

8.5

03/07/2015

The share of each claimant of a joint protected dormant account shall be considered separately in calculating the limits provided for in 5.2. In the absence of contrary provision, the joint protected dormant account shall be divided equally among the claimants to the nearest penny.

8.6

03/07/2015

Protected dormant accounts to which two or more persons are entitled as a members of a business partnership, association or grouping of a similar nature, without legal personality, must be aggregated and treated as if made by a single claimant for the purposes of calculating the limit in 5.2.

8.7

03/07/2015

Where several persons are absolutely entitled to a beneficial interest in a protected dormant account, the share of each, under the arrangements subject to which the protected dormant account is managed, shall be considered separately in calculating the amount payable to each of them.

8.8

03/07/2015

Where several persons are absolutely entitled to a beneficial interest in a protected dormant account and some of them are persons whose own dormant account would not be a protected dormant accounts, the FSCS must adjust the amount of the overall protected dormant account to eliminate the part of it which, in the FSCS’s view, relates to those beneficiaries’ interest in the overall dormant account.